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Macy’s Cutting Back on Stores, Jobs

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Macy’s, one of the largest department store chains in the country, announced on Wednesday, January 4th, that they are planning on continuing to close about 100 stores. This closing will cut back on about 10,000 jobs.

According to the store, in November and December of 2016, sales fell 2.1 percent compared to 2015. In August, Macy’s announced that many stores would be closing, and on Wednesday, January 4th, the locations of those stores were made public. Of the 68 stores that are closing, 3 have already closed, 63 will be closing in early spring, two more will close in the middle of 2017, and three others are being sold back.

Jeff Gennette, the President of Macy’s, stated that “the company is closing stores that are unproductive or are no longer robust shopping destinations.” In 2016, the department store also announced that 4,500 jobs would be lost during the significant restructuring.

Terry Lundgren, Macy’s CEO, also stated that while in many of the stores, shopper number continue to decrease, the chain is doing well with online sales.